LONDON — Aminex says a delegation from North Korea is in London negotiating a new production-sharing agreement (PSA) covering activity in the East Korea Bay basin.

Chosun Energy has become a 50% shareholder in Korex, Aminex’s subsidiary for the region, and will become increasingly involved in management of this project.

Assuming agreement for the PSA can be reached with the government of North Korea, work will start as soon as possible on the next phase of exploration in the area.

UPDATE 1: A reader passes along a very helpful comment (Thanks!):

I think that some lazy journalism on behalf of the Irish paper has mistakenly linked Colin McAskill of the UK to this.

If you do a background check on Chosun Energy via Singapore Companies House, you will see that it is controlled by a.o. James Passin (an American) of Firebird. McAskill is not on the board and, as far as I can see, there is no connection to McAskill’s Chosun fund.

Brian Hall’s AIM-listed resources firm Aminex has agreed to sell a 50 per cent stake in its North Korean interests to a fund fronted by one of the few westerners to have dealt with its erratic leader Kim Jong II.

Aminex received close to €600,000 for a 50 per cent stake in its Korex vehicle, which is currently trying to develop oil assets in the sea around North Korea.

Its new partner, Chosun Energy, is controlled by a fund backed by British businessman Colin McAskill.

Mr McAskill is one of the few westerners with access to the dictator, having advised the country on debt and banking issues.e a prisoner in some re-education camp”.